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Increasing need for in-depth visibility into network security and Quality of Service (QoS), and growing network infrastructure to drive the market growth of NMS solutions

The global NMS market size is expected to grow from 7.0 billion in 2019 to USD 11.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 9.5% during the forecast period. Today’s network infrastructure is more complicated because on-premises applications are moving toward the cloud. Hence, the need for in-depth network visibility into data centers and cloud is growing among businesses. The increasing demand for detailed visibility into network security and Quality of Service (QoS), and growing network infrastructure are major factors expected to drive the growth of the NMS market. Exponential growth in the global Internet Protocol (IP) traffic and cloud traffic, and prominence of the Internet of Things (IoT) are expected to offer vast market opportunities for NMS vendors in the next five years. However, the lack of awareness of NMS among network administrators and high cost associated with the application of NMS tools may hamper the market growth.

Among the services segment, the training, support, and maintenance service segment is expected to account for the largest market share during the forecast period

By services, the training, support, and maintenance service segment is expected to account for the highest market share during the forecast period. Training, support, and maintenance services keep the network running and operational with the utmost efficiency. Training services and support standards help take full advantage of the capabilities provided by the solution providers. To increase operational efficiency with a lower cost, companies use support services. Support services help with software support, which can be offered from remote spots using web conferencing, phones, onsite help, and ticketing frameworks.

Among the vertical segment, the healthcare vertical to record the highest growth rate during the forecast period

Among the vertical segment, the vertical healthcare segment is expected to register the highest growth rate during the forecast period. Organizations in the healthcare vertical majorly rely on secure network environments to transfer the Protected Health Information (PHI). These networks must be stable to provide clinicians the access to mission-critical applications and regulate the use of the network for personal content. NMS offers uninterrupted connectivity to healthcare specialists, thus improving their service delivery efficiency.

Among regions, APAC to grow at the highest CAGR during the forecast period

APAC is estimated to grow at the highest CAGR during the forecast period. Countries in this region show a rapid adoption of network management solutions to gain visibility into their networks. The proliferation of smartphones, DDoS attacks on networks, and broadband connectivity augmented by the emergence of advanced technologies, such as IoT, mobility, and cloud in the region, are expected to drive the growth of the NMS market. Organizations are moving to a hybrid IT model, and the need to ensure secure, highly agile and flexible network access to branch offices across the region has become more pivotal than ever. Secure, resilient networks are becoming the core of the organization’s digital investment priorities as they race to build their presence in the region.

Moreover, the presence of growing economies, such as China and India, which are rapidly implementing latest technologies due to the increasing internet penetration and improving customer demand which is increasing big data is also considered to be a key factor for the growth of the NMS testing market in the region.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the NMS market.

The breakup of the profiles of the primary participants is given below:

NMS market by component, deployment type, organization size, end user, and region. A detailed analysis of the key industry players has been undertaken to provide insights into their business overviews; services; key strategies; new service launches; partnerships, agreements, and collaborations; business expansions; and competitive landscape associated with the global NMS market.

Reasons to Buy the Report

The report would help the market leaders/new entrants in the following ways:

- It comprehensively segments the NMS market and provides the closest approximations of the revenue numbers for the overall market and its subsegments across regions.
- It would help stakeholders understand the pulse of the market and provide information on the key market drivers, restraints, challenges, and opportunities.
- It would help stakeholders understand their competitors better and gain more insights to enhance their positions in the market. The competitive landscape section includes competitor ecosystem, new service developments, partnerships, and acquisitions.